On Tuesday, the Senate passed a bill for its second reading, proposing amendments to the Proceeds of Crime (Recovery and Management) Act, 2022. The bill, titled the Proceeds of Crime (Recovery and Management) Bill, 2025 (SB. 343), seeks to establish a centralized agency to manage assets and properties recovered from illegal activities.
Sponsored by Senator Idiat Oluranti Adebule (Lagos West), the bill aims to streamline the handling of recovered assets by consolidating management duties, currently spread across 18 agencies responsible for both prosecution and property management. During the Senate debate, Senator Adebule emphasized that the amendment would enhance accountability, transparency, and efficiency by eliminating overlapping roles and addressing inefficiencies in the existing law.
The proposed changes mark a significant step toward reforming asset recovery processes, with the potential to improve how Nigeria manages properties seized from unlawful activities.
0 Comments